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2edlyn1
New Member

WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?

from sale of car
1 Best answer

Accepted Solutions
PaulaM
Expert Alumni

WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?

Was the car used for personal or business purposes? 

For personal use, if you sold the car for less than you purchased it, then there is nothing to report. For a car used in business you would record the sale under your business assets.

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3 Replies
DoninGA
Level 15

WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?

If this was for the sale of a personal vehicle, not used in a business, and the sale price was less than the purchase price then you do not report the sale on a tax return.
maglib
Level 10

WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?

unless you got a 1099k like via ebay sales but you said it was cash  or you were in the business of buying and selling vehicles.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
PaulaM
Expert Alumni

WHERE DO I SHOW A DEPOSIT OF $10.000 cash in checking account?

Was the car used for personal or business purposes? 

For personal use, if you sold the car for less than you purchased it, then there is nothing to report. For a car used in business you would record the sale under your business assets.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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